After several years of continuous growth, Ireland’s GDP value managed to grow even further in the course of 2005, rising by 5.1 percent between 2004 and 2005. Since trade has accounted for over half of GDP since 1990, it has been a major contributor to Ireland’s expanding economy (OECD 2006).
The following essay will hence “identify and discuss the main features of Ireland’s trade”. Within the topic chapter 1 focuses on how Ireland has become one of the most open economies in OECD countries and thereby could attract multinational companies and Foreign direct Investment (FDI). Chapter 2 will outline the influence of trade on economic growth, employment, net output and labour productivity. Chapter 3 will give a brief overview of Ireland’s current merchandise and service trade as well as FDI in- and outflows. Chapter 4 concludes the essay by summing up the most important points and by assessing potential future trade of Ireland.
Inhaltsverzeichnis (Table of Contents)
- INTRODUCTION
- IRELAND'S WAY TO AN OPEN ECONOMY
- The Export Led Growth and FDI Promotion Phase
- The Value-Added Growth Phase since 1980
- INFLUENCE OF TRADE ON IRELAND'S KEY ECONOMIC FIGURES
- Trade and Economic Growth.
- Influence of Trade on Employment and Net Output
- Influence of Trade on Labour Productivity.
- OVERVIEW OF IRISH TRADE
- Merchandise Trade.....
- Services Trade….....
- Foreign Direct Investment.....
- CONCLUSION
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This essay aims to identify and discuss the main features of Ireland's trade. The essay focuses on how Ireland became one of the most open economies in OECD countries and how this contributed to attracting multinational companies and FDI. It also explores the influence of trade on economic growth, employment, net output, and labour productivity. The essay concludes with an overview of Ireland's current merchandise and service trade, as well as FDI in- and outflows.
- Ireland's transformation into an open economy
- The influence of trade on key economic indicators
- An overview of Ireland's trade performance in goods and services
- The role of foreign direct investment in Ireland's economic development
- Potential future trends in Ireland's trade
Zusammenfassung der Kapitel (Chapter Summaries)
Chapter 1 discusses Ireland's transformation from a closed economy to one of the most open economies in the OECD. It examines the shift towards free trade in manufactured goods and the government's promotion of targeted sectors for foreign investment. Chapter 2 analyzes the influence of trade on key economic indicators such as growth, employment, net output, and labour productivity. This chapter explores how trade has contributed to Ireland's economic expansion and job creation.
Schlüsselwörter (Keywords)
The main keywords and focus topics of this essay include trade liberalization, foreign direct investment (FDI), export-led growth, economic growth, employment, net output, labour productivity, merchandise trade, services trade, and the Irish economy.
Frequently Asked Questions
Why is Ireland considered one of the most open economies?
Ireland transitioned from a closed economy to a free-trade model, focusing on export-led growth and actively attracting multinational corporations through favorable policies.
What role does FDI play in Ireland's economy?
Foreign Direct Investment (FDI) has been a major contributor to GDP, driving economic growth, creating employment, and increasing labor productivity since the 1980s.
How has trade influenced employment in Ireland?
The expansion of international trade has significantly boosted net output and created thousands of jobs, particularly in the manufacturing and services sectors.
What are the main features of Ireland's merchandise trade?
Ireland's trade is characterized by high exports in sectors like pharmaceuticals, technology, and chemicals, often driven by US-based multinational companies.
What is the "Value-Added Growth Phase"?
Starting in 1980, this phase marked a shift towards high-tech industries and services that generate higher economic value compared to traditional manufacturing.
- Quote paper
- Ramona Kraft (Author), 2006, The Main Features of Ireland's Trade, Munich, GRIN Verlag, https://www.grin.com/document/71943
